I am one of those geeks, I guess.
My music collection is on the hard drive of my iMac, in my iTunes Library. That's where it lives, and that's where it has lived for quite a number of years now since I first discovered iTunes and mass-ripped my CDs into it. Then the CDs went out into the garage, into storage. These days I'm ripping to 256K AAC (i.e. MP4, i.e. M4A), which is the same thing ITMS now sells.
I just recently got a turntable, after quite a few years without one. It's the best turntable I ever had, and I dig the "ritual" you guys talk about. The big cover art, gatefolds, committing to listening to an album side clean through, it's cool. Yep. . . I find it encourages me to focus on the music and appreciate it, much more than just randomly flipping through shuffle tracks on the iPod.
However. . .
I''ve got a RolandED UAE-30 USB Audio Interface plugged into the tape loop on my receiver, and the UAE-30 is connected to a Macbook Air which is usually perched on top my left speaker. I can sample a record to the Mac, then shoot it wirelessly over to my main iMac, load it into Amadeus Pro and cut it into tracks, normalize them and clean up the rice crispies, and put them into my iTunes Library.
When I want to hear one, the iMac acts as the server and streams the tunes wirelessly back to my Roku Soundbridge M2000, and back into the stereo. So. . . If I want to put the vinyl on the turntable, I can do that, but if I want to stream it just like any of my CDs, I can do that too. They also get synced into my iPod, of course.